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Cream sugar, eggs, and shortening. Make a paste of food coloring and cocoa. Add to mixture; add flour with salt alternately with buttermilk. Add vanilla. Last of all fold in vinegar and baking soda mixture.

In a nutshell, Yes. But for arguments sake, I would have to say the difference being the amount of cocoa or chocolate in the mix, baking soda/powder, and the addition of red food coloring which may turn some people off because of its perceived or real health hazards. Originally, I believe the red coloring was made with beets, which in turn gave it a velvet texture,hence the name.

I guess it's a mental thing to some, like green ketchup, or purple sauces.

No it is not. It is a variation on devil's food. The reaction between the alkali in the dutch process cocoa powder and the baking soda produces a red tinge to the cake, which people have chosen to accentuate with red food coloring. As for a recipe I am told that martha stewart has a few good ones, also I am told to find a recipe that uses oil, it will react better with the food coloring. Sorry but my girl will not share her recipe with me so I'm not even gonna ask if I can post it here.